New Zealand Gazette – 1998 – No. 192

Page 4515

✨ Financial Statements



27 NOVEMBER NEW ZEALAND GAZETTE 4515

2. Surplus Before Taxation

After Charging: Distribution 1998 $ Distribution 1997 $ Retail 1998 $ Retail 1997 $
Audit Fees $ 7,900 $ 6,587 $ 7,900 $ 2,492
Audit Fees Other Services $ 2,900 $ - $ 2,900 $ -
Depreciation $ 706,804 $ 726,077 $ 58,384 $ 21,645
Directors' Fees $ 19,000 $ 17,263 $ 19,000 $ 6,532
Interest: Fixed Loans $ 368,069 $ 394,068 $ 12,423 $ 19,003
Rental & Operating Lease Costs $ 69,108 $ 65,514 $ 21,664 $ 24,788
Movements in provision for Doubtful Debts $ - $ - $ 5,822 $ 4,929
Bad debts written off $ - $ - $ 11,567 $ 12,809

| After Crediting: | | | | |
| Interest From Short Term Deposits | $ 53,315 | $ 2,523 | $ 11,552 | $ 4,341 |
| Contract Settlement Fee | $ - | $ - | $ 369,438 | $ - |
| Profit On Sales Of Assets | $ 8,882 | $ 5,762 | $ 5,682 | $ - |

3. Taxation Expense

Net Profit Before Taxation $ 1,359,267 $ 1,291,936 $ 338,993 $ 121,480
Prima Facie Taxation $ 448,558 $ 426,339 $ 111,868 $ 40,088

| Plus (Less): | | | | |
| Non Deductible Items | $ 284 | $ 242 | $ 211 | $ 91 |
| Non Taxable Income | $ - | $ - | $ 82,500 | $ - |
| Unrecognised Timing Differences | $ 63,002 | $ 74,108 | $ 1,029 | $ 2,210 |

TAXATION EXPENSE FOR THE PERIOD

| | $ 511,844 | $ 500,689 | $ 30,608 | $ 42,389 |

The Taxation Charge Is Represented By:

| Current Taxation | $ 511,844 | $ 500,689 | $ 30,608 | $ 42,389 |

The Company has not recognised the deferred tax liability on timing differences which are not expected to reverse in the foreseeable future. The potential tax liability in respect of these timing differences at 33% is $868,374 (1997: $732,792) for Distribution and a future tax benefit to Retail of $25,559 (1997: $15,925).



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1998, No 192


NZLII — PDF NZ Gazette 1998, No 192




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Wanganui Gas Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Surplus, Taxation, Audit fees, Depreciation, Directors' fees, Interest, Rental costs, Bad debts, Contract settlement, Profit on sales, Taxation expense